Partnership Legal Services
Partnerships are a great way for two or more people to go into business together without the formalities of a Corporation or LLC. However, a Partnership offers no protection from personal liability.
What is a Partnership?
A partnership is a single business entity with two or more owners. In a partnership, each partner normally contributes to all aspects of the business and shares in the profits and losses. In addition, each partner is 100% responsible for the liabilities and debts of the partnership. Not only are partners liable for their own actions, but also the actions of the other partners. The personal assets of all the partners can be taken to satisfy debts and judgements.
Types of Partnerships
There are 3 types Partnerships.
- General Partnerships assume that all of the partners get an equal share of the duties, responsibilities, and profits.
- Limited Partnerships limit the liability and management input of the partners in accordance to the percentage of their investment in the business.
- Joint Ventures are general partnerships that are put together for a limited duration or for a particular project.
The Downside of Partnership
All of the partners in a Partnership are individually and jointly liable for the debts and liabilities of the partnership. In addition, with multiple owners, making decisions can be more difficult than a Sole Proprietorship, where only one person makes all the decisions. Since all partners are entitled to a portion of the profits, unequal contribution may cause disagreements and conflict between the partners, hindering growth and production.
Legal Services for Partnership
I provide Partnerships legal advice, contract writing, and intellectual property services. I also provide business formation services for those who wish to transition from a Partnership to a Corporation or an LLC. Below is a partial list of the legal services I provide for Partnerships:
Agreements (Review, Drafting, and Negotiations)
- Partnership Agreements
- Joint Venture Agreements
- Service Agreements
- Confidentiality Agreements
- Trade Secret Agreements
- Licensing Agreements
- Commercial Leases
- Employee Agreements & Employee Handbooks
Don’t see the partnership legal service you are looking for listed above? Give me a call today and let’s discuss your specific legal needs.
Please remember that I don't give legal advice over the phone or via email. The information you obtain on this site is not, nor is it intended to be legal advice. Please visit the Disclaimers page to learn more.